Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity.
Are you an employer who owns a business where tipping is customary for providing food and beverages? You may qualify for a tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. How the credit works
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for 2019.
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As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals.
A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules.
In 2017, Act 43 created a tax withholding obligation for certain payors of Pennsylvania‐source income and lessees of Pennsylvania real estate to out of state residents.
The DOL recently finalized its new rules effective January 1, 2020, to determine whether an employee qualifies as exempt from overtime under the Fair Labor Standards Act (FLSA). What has changed?
The IRS has released the 2020 Form W-4 Employee’s Withholding Allowance Certificate. The 2020 Form is to comply with the income tax withholding requirement of the Tax Cuts and Jobs Act (TCJA).